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GTN [MARKET PERFORM +6.1%] - Looking for a brighter 2018 - Update

We maintain our MARKET PERFORM rating with a 6.1% total stock return. 9M 2017 EPS soared 59% YoY thanks to the consolidation of VLC. On a standalone basis, the ailing pig segment remained a drag to VLC, while the dairy segment delivered solid growth. VLC’s dairy revenue rose 11% YoY in 9M 2017, but dairy operating profit only inched up 4% YoY to VND160 billion (USD7 million) owing to higher discounts and promotions.